Prior to the establishment of BANKSERV in the first half of 1993, the banking industry in South Africa jointly owned several companies that provided shared services to the banks through a variety of different payment channels. As these companies followed their own direction and operated in separate silos, the need arose to consolidate them into a single structure. 


An interbank task group was appointed to investigate the feasibility of this proposal and in March 1993, the banking industry reached agreement and founded BANKSERV. 


Below is a short overview of the evolution of BankservAfrica.


Automated Clearing Bureau (ACB) - first interbank company:

• Founded 21 June 1972
• Other separate companies created per service

BANKSERV:

• Founded 21 December 1993
• Management company overseeing the following operating companies:
  • Automated Clearing Bureau (ACB)
  • SASWITCH
  • BANKSCAN
  • Joint Banks Credit Bureau (JBCB)
  • UNEXCOR
  • Central Depository (CD) – bond market
  • SBV

Independent companies merged into BANKSERV on 1 July 1999:

• Single funds clearing, operating company formed incorporating the services of:
  • ACB
  • SASWITCH
  • BANKSCAN
  • JBCB

BankservAfrica:

• Rebranded in May 2010 to reflect:

  • Our extended activities and product offering into Africa

  • The change and refocus of the brand to strengthen our core business offering

  • Further entrenching BankservAfrica as a facilitator of trusted payment transactions for the financial sector